AFRICA INVESTMENT-Remittances to Africa carry a high price tag

in 2013, Donald Terry, Newsmakers, Reuters, School of Law
June 7th, 2013

Reuters
Donald Terry, School of Law

In his 2009 album Troubadour, Somali rapper K’naan dedicates the song “15 Minutes Away” to “everybody that’s had to wait on a money transfer” and complains, “it’s kind of wack when they charge you like 10 percent on the dollar.”…

Expert quote:

“It’s expensive to be poor. There are more payout locations in one country Mexico, which receives $24 billion a year, than in the entire continent of Africa. Not only is it expensive, it’s extremely inconvenient.”

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